What’s the true cost of recruitment?
Recruiters are concerned about cost. A recent survey showed that 73% of senior HR professionals identified their top organisational priority as ‘managing costs’ in the 12 month period up to September 2011.
In addition, recruiters have seen an increase in the number of unsuitable applicants and an excess of candidates to choose from in general (Source: CIPD 2011 Resourcing and Talent Planning report).
So what can HR professionals do to reduce their recruitment costs whilst maintaining a high standard of candidate?
Prioritise the pipeline: Making your talent pipeline your priority can reduce the financial costs of staff attrition. It can also reduce the time drain on staff who deal reactively with the problems caused by failing to recruit the right candidates.
Change up your recruitment mix: Attempting to cover every aspect of recruitment in-house can actually end up costing an organisation more. But you can reverse this by working to a hybrid model that combines the best of in-house with the best of outsourced to ensure the quality stays consistent and the costs stay manageable.
